Chapter 13 Bankruptcy
chapter 13 bankruptcy and foreclosure
First of all this is the definition of the foreclosure:
Foreclosure is the legal procedure in which the government takes ownership of a certain property. If you don’t pay the mortgage in time the company that give you the house loan can take your house and sell it order to recover their money.
Chapter 13 gives the […]
Chapter 13 Bankruptcy Definition
The main advantage of going for a Chapter 13 bankruptcy is that, as according to the Chapter 13 bankruptcy definition, the debtor can keep his/her property and use his/her income to pay all or a portion of the debts over three to five years. Also, there has to be kept in mind that the value […]
Buying a car during Chapter 13 bankruptcy
The basic rule of Chapter 13 bankruptcy is that you agree to pay what you can for three to five years in return for having a large portion of your debt wiped away. For any extra credit you need to get the trustee approval. Any expense can make your payment plan obsolete so is natural […]
Chapter 13 bankruptcy rules
Here are 10 rules for Chapter 13 bankruptcy
1. the most important rule: you don’t have to hand over any of your property; instead, you pay your debts out of your earnings.
2. You are not allowed to fill for Chapter 13 bankruptcy if you received a bankruptcy discharge in the last 4 years
3. You are not […]
Chapter 13 bankruptcy plan
As you all know by know Chapter 13 bankruptcy is also called wage earner’s plan because it allows the debtor to repay his debts according to a pay back plan.
The debtor proposes a payment plan guided by a bankruptcy lawyer and trustee. The plan is filed with the schedules commencing the case. Also a […]
